The buck got an additional boost after a Chinese government source clarified on Thursday that media reports could be based on wrong information. The pair now seems to have stabilized as traders now look forward to the ECB Monetary Policy Meeting Accounts (minutes) and the US PPI figures for some fresh impetus.

On the flip side, any up-move above 1.1970-75 immediate resistance might continue to confront fresh supply near the 1.2010-20 region, which if cleared might lift the pair back towards 1.2060-70 supply zone. The key upside resistance remains near the 1.2090 area - September 2017 yearly tops, above which the pair is likely to aim towards testing its next major hurdle near the 1.2165 region.